Govt collects Rs 42k cr in GST regime

As many as 10 lakh taxpayers have filed their returns under the new the Goods and Services Tax regime, bringing to the Central kitty Rs 42,000 crore, even as there are four more days remaining for the filing cycle to close.

At least 10 lakh taxpayers have filed returns and 20 lakh more have logged in to do so, finance ministry officials said, adding a whopping Rs 5,000 crore has come through cess alone on demerit goods.

Half of the Rs 42,000 crore has come under Central and state GST, which will be divided equally between states and the Centre. The officials said Rs 22,000 crore is expected to be divided equally as of Monday. The figure could be more than double at the end of the week when filing closes.

He said this is the first monthly return under the GST. The fresh deadline for filing is August 25. The collection is way ahead of the sum total of the previous regime. Under the VAT regime last year, the excise and service tax together accounted for a little over Rs 55,000 crore for the month of July. “We are almost close to the figure of last year and expecting twice more,” an official who is aware of the developments said in a statement.